Troika acts like ‘governor’ of EU ‘colonies’

MEPs have launched an attack on the Troika’s handling of the financial crisis and its endless austerity agenda

An investigation has been launched by the European Parliament on how the International Monetary Fund (IMF), the European Central Bank (ECB), and the European Commission (EC) has dealt with the euro debt crisis.

“The Troika acts like a governor and visits it’s colonies in the south of Europe and tells them what to do. The measures that they come up with though are not always very effective,” Derk Jan Eppink, an MEP from Belgium who initiated the probe into the Troika, told RT.

The IMF has already admitted it made mistakes in the handling of Greece’s first bailout.

Findings are expected to be published in April 2014, a month before the next EU elections.

There is increasing evidence that crippling austerity imposed by the Troika has left most economies worse off than they were before the crisis.

“In terms of public debt. In terms of potential growth. In terms of employment, the results are worse now than before troika intervention in a country like Greece,” Dr. Yves Bertoncini, director of Notre Europe, a Paris-based EU policy think tank.

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